Free Republic 4th Quarter Fundraising Target: $88,000 Receipts & Pledges to-date: $18,924
21%  
Woo hoo!! And the first 21% is in!! Thank you all very much!! God bless.

Keyword: bankruptcy

Brevity: Headers | « Text »
  • The financial collapse of Illinois is accelerating

    10/10/2017 11:47:54 AM PDT · by SeekAndFind · 53 replies
    American Thinker ^ | 10/10/2017 | Thomas Lifson
    John O'Connor of the AP has just broken the news that the unpaid bills of the Great State of Illinois have reached the awe-inspiring sum of $16.5 billion. Illinois is chasing a moving target as it tries to dig out of the nation's worst budget crisis, and a review obtained by The Associated Press shows $7.5 billion worth of unpaid bills – as much as half the total – hadn't been sent to the official who writes the checks by the end of June. Although many of those IOUs have since been paid, a similar amount in unprocessed bills has replaced...
  • New Texas 130 owners to make $60 million in repairs to bumpy road

    10/10/2017 5:46:43 AM PDT · by Tolerance Sucks Rocks · 18 replies
    The Austin American-Statesman ^ | September 20, 2017 | Ben Wear
    The southern, privately built section of Texas 130, which has been an obstacle course of bumps and cracks since shortly after its October 2012 opening, will see $60 million of pavement repairs over the next year in 35 spots between Mustang Ridge and Seguin. Crews in many cases will be removing five feet or more of the roads sub-base, the treated and compacted soil layers that underlie the highways asphalt driving surface, replacing it with soil with different, stronger properties, and then repaving those rehabilitated sections. Some repairs will also include installation of impermeable layers of soil alongside the road...
  • SEP 19 2017, 6:12 AM ET Bankrupt Puerto Rico Faces Direct Hit From Hurricane Maria

    09/19/2017 7:54:09 AM PDT · by Wally_Kalbacken · 22 replies
    NBC News ^ | SEP 19 2017, 6:12 AM ET | JON SCHUPPE
    Puerto Rico, already trying to dig itself out of a historic financial crisis, is now facing a direct hit by a major hurricane that could destroy any progress the U.S. territory has made under a year-old economic rehab plan ─ and set it back further. Hurricane Maria is forecast to hit Puerto Rico early Wednesday, testing the local government's ability to respond to a humanitarian disaster. While the Caribbean island of 3.4 million people is accustomed to tropical storms, it hasn't been hit by a Category 4 or 5 hurricane since 1928.
  • Toys R Us Preparing for Possible Bankruptcy Filing

    09/16/2017 3:18:41 PM PDT · by SeekAndFind · 16 replies
    Fortune ^ | 09/16/2017
    Toys 'R' Us is working to put together a loan to fund its operations in a potential bankruptcy filing that could come before the holiday sales season, according to people familiar with the matter. The toy merchant's move underscores the deep distress rippling through retailers of all sizes as consumers increasingly shop online at sellers such as Amazon.com Inc or go to discounters such as Wal-Mart Stores Inc . A spokeswoman for Toys 'R' Us did not immediately respond to a request for comment. The people could not be identified because the bankruptcy plans are not yet public. The Wall...
  • Toys 'R' Us preparing for possible bankruptcy filing - sources

    09/16/2017 6:13:48 AM PDT · by Zakeet · 46 replies
    Reuters ^ | September 16, 2017 | Jessica DiNapoli
    Toys 'R' Us is working to put together a loan to fund its operations in a potential bankruptcy filing that could come before the holiday sales season, according to people familiar with the matter. [Snip] The retailer had already said it was working with an investment bank to assess options for about $400 million in debt that comes due next year. Buyout firms KKR & Co LP and Bain Capital LP, together with real estate investment trust Vornado Realty Trust, took Toys 'R' Us private for $6.6 billion in 2005. The deal saddled the company with debt, limiting its ability...
  • California is Broke (Here's Why)

    09/07/2017 6:47:48 PM PDT · by SeekAndFind · 9 replies
    Library of Economics and Liberty ^ | 09/07/2017 | David Henderson
    A resident of my city of Pacific Grove recently did a huge service on Facebook by linking to a site that gives pay and pensions for state and local government workers. It's breathtaking. Question: Who received the highest pension in 2017 and how much was it? Answer: Ronald D. Miller. $366,529.20. Mr. Miller was on the teaching faculty at the University of California, San Francisco. The 7th highest pension, by the way, was received by someone I know and like: Richard W. Roll, the well-known finance professor at UCLA. So this is not a gotcha. It's simply pointing out...
  • Feds Finally Nail Someone for Banking Crisis

    08/20/2017 6:22:17 AM PDT · by Kaslin · 6 replies
    Townhall.com ^ | August 20, 2017 | Bruce Bialosky
    Democrats led by Bernie Sanders and Elizabeth Warren are still complaining that bankers did not go to jail for the 2008 banking crisis. That is despite, as previously written about in this column, the crux of the problem was the federal government. Likewise, that is despite the fact the government let well-connected Democrat Jon Corzine slide for actual crimes at MF Global Holdings, also previously written about. Yet they nailed Eric Bloom with highly questionable charges and conduct at trial by the prosecution.After a four-week trial and only three hours of deliberation by the jurors, Eric Bloom, CEO of Sentinel...
  • Hartford Debt Dropped to Junk Status by Standard & Poor's

    07/12/2017 11:05:48 AM PDT · by Lorianne · 22 replies
    Hartford Courant ^ | 12 July 2017 | Dan Haar
    Hartford has hired a lawyer as city officials begin navigating the complex system of bankruptcy. The city is facing a $65 million shortfall this year and it remains unclear whether it will receive any additional state aid. Standard & Poor's downgraded Hartford debt to junk bond status late Tuesday, less than a week after the financially troubled capital city hired a New York law firm with expertise in restructuring municipal finances. The Wall Street ratings agency downgraded most city of Hartford outstanding debt to BB, a level that's classified as speculative, also known as non-investment-grade, or junk, from BBB-. That...
  • Gymboree closing 350 stores after filing for bankruptcy

    07/12/2017 9:28:52 AM PDT · by bgill · 13 replies
    mysa.com ^ | July 12, 2017 | AP
    Children's clothing seller Gymboree Corp. is closing 350 stores as its works to restructure in bankruptcy. The San Francisco-based company said Tuesday that it's mostly closing Gymboree and Crazy 8 stores. It also operates Janie and Jack stores. The company will have more than 900 locations after the stores are shut down. Gymboree filed for bankruptcy protection in June. Traditional retailers have been struggling to deal with strong competition from online companies and slowing mall traffic.
  • Cold Case: Bankruptcy Reopened More Than 80 Years Later

    07/08/2017 2:24:31 PM PDT · by nickcarraway · 7 replies
    July 6, 2017 | Daniel Gill
    Cold Case: Bankruptcy Reopened More Than 80 Years Later (Can only be linked to)
  • Illegal Immigrants Cost Illinois $3.85 Billion A YearState On Verge Of Bankruptcy

    07/05/2017 2:51:14 PM PDT · by Thalean · 25 replies
    National Economics Editorial ^ | July 4, 2017 | Dylan Scott
    illegal immigration costs Illinois $3.85 billion per year. This number is a low estimate in a particularly low year because of the budget crisis happening in Illinois currently. So lets put that number in perspective. As mentioned above, Illinois is in a budget crisis and on the verge of bankruptcy. Their state debt is upwards of $64 billion. Their credit rating is a BBB-, which is one notch above a junk/non-investment rating. They are also projected to have their credit further downgraded. Illinois also has unpaid bills upwards of $15 billion (with $800 million per year just in interest payments)...
  • Sanders Fraud Family: Claims of Nepotism over a Sweetheart Deal for Bernie Sanders Step-Daughter

    06/25/2017 10:23:37 AM PDT · by george76 · 37 replies
    Daily Westerner ^ | June 14, 2017
    While one deal struck by Jane OMeara Sanders during her time as Burlington Colleges president has triggered a federal investigation, another arrangement she engineered is breeding claims of nepotism and allegations of veiled threats against her husbands presidential campaign. Vermont Sen. Bernie Sanders wife, Jane Sanders, is facing criticism over a sweetheart deal granted to a school founded by her daughter while president of the now-defunct Burlington College. Carol Moore, who served as the final president of the college from 2014 until its closure in May 2016, says Jane Sanders approved a deal for the college with Vermont Woodworking School...
  • This State is Looking at Bankruptcy Theres a Simple Way to Pull Back from the Brink

    06/23/2017 1:58:57 PM PDT · by davikkm · 35 replies
    IWB ^ | Mark Angelides
    Illinois is now spending over 100% of its monthly revenue and talk of Chapter 9 bankruptcy has begun; Congress has yet to step in, but chatter predicts it may not be much longer. The problem remains that until Illinois (and more specifically Chicago) changes its economically suicidal policies, there is almost nothing that can be done to stop the spiral. Major ideology changes will be blocked constantly, but there is something they can do that will keep all sides relatively happy. People have been talking about Illinois going bankrupt for years (in fact it seems to be an almost annual...
  • [Illinois State] Comptroller Mendoza Reaches Out to State Leadership (We're broke and going down!)

    06/21/2017 3:42:57 PM PDT · by Zakeet · 53 replies
    Illinois State Comptroller ^ | June 20, 2017 | Susana A. Mendoza
    OFFICE OF THE COMPTROLLER FORECASTS SEVERE FINANCIAL STRAIN BEGINNING IN JULY As Illinois' Chief Fiscal and Accountability Officer, my Office is responsible for managing the state's financial accounts as well as providing the public and the state's elected leadership with objective and timely data concerning the states difficult fiscal condition. As you are quite aware, I have been very vocal regarding these issues and the budgetary impasse since assuming office six months ago; however we are now reaching a new phase of crisis. Accordingly, I must communicate to you at this time the full extent of our dire fiscal straits...
  • Illinois careens into financial meltdown and not even the lottery is safe

    06/20/2017 9:34:07 AM PDT · by detective · 21 replies
    Fox News ^ | June 20, 2017 | Brooke Singman
    Illinois is grappling with a full-fledged financial crisis and not even the lottery is safe with Republican Gov. Bruce Rauner warning the state is entering "banana republic" territory. Facing billions in unpaid bills and pension obligations, the state is hitting a cash crunch that is rare even by Illinois standards. A top financial official just warned 100 percent of the state's monthly revenue will be eaten up by court-ordered payments. Rauner is calling a special session of the Democrat-led General Assembly in a bid to pass what he hopes will be the first full budget package in almost three...
  • Puerto Rican voters back statehood in questioned referendum

    06/11/2017 3:58:08 PM PDT · by SkyPilot · 113 replies
    AP ^ | 11 Jun 17 | DANICA COTO
    Puerto Rico's governor announced that the U.S. territory has overwhelmingly chosen statehood in a nonbinding referendum Sunday held amid a deep economic crisis that has sparked an exodus of islanders to the U.S. mainland. Nearly half a million votes were cast for statehood, more than 7,600 for free association/independence and nearly 6,700 for the current territorial status, according to preliminary results. The participation rate was just 23 percent with roughly 2.26 million registered voters, leading opponents to question the validity of a vote that several parties had boycotted. Gov. Ricardo Rossello shows his ballot at the San Jose Academy during...
  • The Frightening Ghost of Illinois Future

    05/14/2017 7:16:03 PM PDT · by Lorianne · 19 replies
    Financial Sense ^ | 12 May 2017
    When the US territory of Puerto Rico filed for bankruptcy last week, we took the opportunity to identify the most likely candidates among US states to follow the new legal precedents that are now being set by its example. The editorial board of a leading newspaper in one of those states, Illinois, argues that Puerto Ricos bankruptcy filing represents the frightening ghost of that states debt-laden future. Here are some excerpts from the Chicago Tribunes editorial. They first set the stage: Puerto Rico is the terrifying Ghost of Illinois Future: a worst-case example of what happens when a government no...
  • Those Damn Millennials

    05/12/2017 5:14:22 AM PDT · by Kaslin · 20 replies
    Townhall.com ^ | May 12, 2017 | Bill Tatro
    Pension plans continue to blame poor market performance for their continuing dire straits of massive underfunding. Irrespective of all time market highs, their actuarial assumption of 8% has been impossible to achieve and continues to be way out of reach. Municipalities around the country are entering the summer season with expectations of violence not seen in several decades. Yet many are cutting back on police and fireman, for lack of money, just at the moment they seem to need them the most. Finally, the repairing of roads and bridges, popularly known as infrastructure, continues to be postponed by the City...
  • 'Dance Moms'' Abby Lee Miller gets 1 year in prison

    05/10/2017 9:04:18 AM PDT · by bgill · 7 replies
    FOX ^ | May 9, 2017 | FOX News
    Former "Dance Moms" star Abby Lee Miller has been sentenced to a year and a day in prison for bankruptcy fraud and for taking $120,000 worth of Australian currency into the country without reporting it. A federal judge in Pittsburgh ordered Miller to pay a $40,000 fine and spend two years on probation following her release. Miller pleaded guilty in both cases last year.
  • Washington provided Puerto Rico with all the wrong incentives; disaster ensued.

    05/09/2017 7:50:08 AM PDT · by SeekAndFind · 8 replies
    City Journal ^ | 05/09/2017 | Steve Malanga
    Last week, Puerto Rico took another step in its long, mostly futile attempt to stabilize its economy and budget when it filed for a modified version of municipal bankruptcy. It was the latest chapter in a 20-year struggle that began when an odd coalition of budget hawks, statehood advocates, and critics of corporate giveaways convinced Congress to phase out tax benefits that businesses could garner by locating operations in Puerto Rico. Since then, efforts to make Puerto Ricos economy more independent and sustainable have come to little, in part because the 1996 reforms were incomplete, leaving in place tax advantages...